Shop owner who cheated realtor of Rs 6 crore held

Written by Writer on Saturday, October 25th, 2008

Shop owner who cheated realtor of Rs 6 crore held

25 Oct 2008, TNN

CHENNAI: The police on Friday arrested a textile shop owner in Chennai for cheating a businessman to the tune of Rs 6.10 crore.

The textile shop owner, who entered into an agreement with the victim, a realtor, to sell 18 grounds of land in Ekattuthangal three months ago, allegedly failed to tell the latter that he had already pledged the documents relating to the property to a nationalised bank.

After he failed to abide by the agreement, the victim made enquiries and realised that he had been cheated.

The textile shop owner, A Moosa Ahmed, was a resident of Cenotaph Road in Nandanam. He owned 18 grounds of ancestral property in Ekattuthangal near Guindy that he had pledged to a nationalised bank in Flower Bazaar for operating his current account with the bank. However, after his debts ran to over Rs 33 crore, the bank seized his property documents.

Meanwhile, he entered into an agreement to sell his property to SP Velayutham, a businessman of Madipakkam. As per the agreement, Velayutham gave him Rs 6 crore out of the Rs 22 crore that was agreed upon. He promised to give the remaining amount during the registration.

But even after the three-month agreement period, Ahmed failed to turn up for the registration. Later, Velayutham verified with revenue officials and found that the property documents had been pledged with the bank.

He lodged a complaint with the police commissioner who forwarded the petition to the central crime branch. The CCB police registered a case and arrested Moosa Ahmed. He was remanded in judicial custody after being produced before a magistrate’s court.